offers: Ooops, I Should Have Listened - 07/26/09 10:42 PM
Several months ago I had an offer on a house in Westchester County.  My buyer was preapproved and very qualfied, very qualified.  We presented a low offer.  The owner said that my buyer needed to come up on their offer before they would counter.  The offer was just too low.
The house was asking $625,000 and the offer was $530,000.  The offer was too low, too low to counter. So they didn't.  Now, I know that my buyer wanted to negotiate.  They wanted a response to their offer, they wanted to hear from the seller a response.  There was no response.   … (4 comments)

offers: Code of Ethics Change 2008 to 2009 - 01/21/09 11:23 PM
There is a subtle change to Article 1-15 of the Code of Ethics for 2009.  In the Code of Ethics of 2008 if a seller approved the disclosure of  offers Realtors were also obligated to disclose whether the other offers were in house, from the listing agent or another cooperating broker.  In the 2009 Code of Ethics the disclosure of where the other offer(s) are from need only be disclosed if your agent asks. 
• Standard of Practice 1-15
REALTORS®, in response to inquiries from buyers or cooperating brokers shall, with the sellers' approval, disclose the existence of offers … (11 comments)

offers: The Dance Between Buyer's and Seller's Agents - 12/27/07 04:48 AM
Historically, pre buyer brokerage, agents all worked for the seller.  If they had the buyer they were working as sub-agent's of the seller and the seller's agent.  In this scenario if an agent was a sub-agent they would be able to call the listing agent and ask for informaiton, such as have there been any offers?, where is the seller going?, and because the agent was working for the seller the listing agent would "fill in the agent" and give them the information they needed to go back to the buyer and solicit an offer.  If the sub-agent and asked "have … (3 comments)

offers: Quick, I am Going on Vacation! - 08/26/07 12:15 PM
While I am glad this is no longer the frenzied market of the past few years I am amazed at some of the stuff that goes on.  So today I received an offer on one of my listings.
1.  The buyer came to my Open House.  The agent had called to say she would be coming, fine.
2.  Immediately after my Open House this agent calls me and says she has an offer.
3.  The buyer came with her children but not her husband. 
4.  The offer was more than 20% off the asking price!  The agent says it is a discounted price because her buyer … (2 comments)

offers: The Countrywide Mess, Holy Cow! - 08/25/07 11:38 PM
I know there have been numerous articles about Countrywide Mortgage here on Active Rain but in the New York Times this morning a really detailed piece appeared that is fascinating.  I am naive because I have always thought there was some oversight by State Banking Departments.  That if you are licensed by a State they have reviewed your practices and ethics and you have "passed".  Well, so much for that.  This articl is a bit shocking to me as the practices are truly unethical and how can this be!!!!
One of the most amazing parts of the article as you keep reading are … (9 comments)

offers: RESPA, HUD, What is it? - 06/17/07 02:27 AM
One of the things you are entitled to as you go through the process of applying for a mortgage is what is called a "Settlement Statement" or "HUD". This is a form that is completed by your settlement agent and outlines who is getting what at the closing. You are entitled to review this statement prior to actually closing. This is regulated by the Department of Housing and Urban Development.Prohibited Fees. It is illegal under RESPA for anyone to pay or receive a fee, kickback or anything of value because they agree to refer settlement service business to a particular person … (1 comments)

Miriam Bernstein, CRS, New Orleans and Surrounding Suburbs Real Estate (New Orleans Property Lady, LLC) Rainmaker large

Miriam Bernstein, CRS

New Orleans and Surrounding Suburbs Real Estate

New Orleans, LA

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